- Petrol price raised by Rs 1.39 per litre, diesel by Rs 1.04 per litre
- Global oil prices, forex rate warrant, diesel price hike, says Indian Oil
- Indian Oil intends to shortly start daily price changes in five cities
From April 16, 2017, petrol prices in four metros will be Rs 68.07 per litre in Delhi, Rs 70.66 in Kolkata, Rs 74.42 in Mumbai and Rs 71.16 in Chennai. Also, diesel rates will be Rs 56.83 in Delhi, Rs 59.09 in Kolkata, Rs 62.57 in Mumbai and Rs 60.16 in Chennai, the Indian Oil release said.
The rates were last revised on March 31 when petrol price was cut by a sharp Rs 3.77 per litre and diesel price was also reduced by Rs 2.91 a litre.
(Also read: Petrol pumps threaten Sundays off, 9-to-6 on other days)
Petrol and diesel prices are deregulated in India - which means they are linked to market rates. Oil marketing companies Indian Oil, Bharat Petroleum Corporation and Hindustan Petroleum revised petrol and diesel prices every fortnight on the basis of global oil rates and foreign exchange prices.
"The movement of prices in the international oil market and rupee-dollar exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes," Indian Oil Corporation or IOC further said in its release on Saturday.
Indian Oil Also said it "intends to shortly start daily changes in price of Petrol and Diesel based on movement of prices in international market, on pilot basis, in the cities of Udaipur, Jamshedpur, Pondicherry, Chandigarh and Vizag".
From May 1, petrol and diesel prices will change every day in sync with international rates, much like what happens in most advanced markets.